Algeria`s State Oil Firm Gets New Management

The head of Algerian state oil firm Sonatrach has assembled a new leadership team. a senior company source said. aiming to reverse a flow of talent from an unwieldy state enterprise that keeps the country afloat.

President Abdelaziz Bouteflika put U.S.-trained Abdelmoumen Ould Kaddour in charge of overhauling Sonatrach in March. 2017. after years of short-lived CEOs. fraud scandals and red tape had put foreign investors off the North African OPEC producer.

The oil giant is an important source of energy for European states trying to reduce their dependence on Russia. and it funds a major part of the budget in a country where economic security helps prevent social turbulence.

 

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